precocious
Goody 2 Shoes Goddess TY
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I find myself in an awkward real estate position. I am trying to buy a house.
The details:
Real Estate Agent is representing both buyer and seller.
During the process of visiting and revisitng the seller's home (all that back and forth stuff) - keep in mind the buyer has not made any offer yet nor signed any agreement with the RE Agent (not sure if it matters but wanted to include that), the Agent's Contract time with the seller expires.
The seller now puts out a sign "For sale by Owner".
Yes, I know I can't go directly to the seller (cutting out the agent) because the agent would sue him for commission.
But this leaves us in a predicament. The seller has in mind his lowest price that he will accept. The buyer (me) has my highest offer in mind. The agent wants her commission.
Should someone off the street call him, he can possibly get more than his lowest price because there's no agent involved. That selling price would more than likely be lower than my top offer since the seller won't be paying commission.
So what's the best plan of action to make everyone happy?
For example, if the agent's contract for 6% commission expires, if I now purchase the home, would she still get 6% from the seller? or does her percentage go down (to say 3% - what she would have split had another outside agent been involved) since she no longer has that contract? What's the norm/standard for this?
I have a few ideas on how to approach this, but I figured some feedback might help, especially from a well versed/experienced in Real Estate Spoofeer willing to share their 2 cents. :wink:
BTW this is in New Jersey.
TIA :kissing:
Also, I am in no rush to close on this. Is there a time period when it no longer matters if this agent brought me to this property? (say 6 months later I contact the seller directly?)
**I'm not looking to screw this agent, but I don't want to get screwed neither.** :nonod:
The details:
Real Estate Agent is representing both buyer and seller.
During the process of visiting and revisitng the seller's home (all that back and forth stuff) - keep in mind the buyer has not made any offer yet nor signed any agreement with the RE Agent (not sure if it matters but wanted to include that), the Agent's Contract time with the seller expires.
The seller now puts out a sign "For sale by Owner".
Yes, I know I can't go directly to the seller (cutting out the agent) because the agent would sue him for commission.
But this leaves us in a predicament. The seller has in mind his lowest price that he will accept. The buyer (me) has my highest offer in mind. The agent wants her commission.
Should someone off the street call him, he can possibly get more than his lowest price because there's no agent involved. That selling price would more than likely be lower than my top offer since the seller won't be paying commission.
So what's the best plan of action to make everyone happy?
For example, if the agent's contract for 6% commission expires, if I now purchase the home, would she still get 6% from the seller? or does her percentage go down (to say 3% - what she would have split had another outside agent been involved) since she no longer has that contract? What's the norm/standard for this?
I have a few ideas on how to approach this, but I figured some feedback might help, especially from a well versed/experienced in Real Estate Spoofeer willing to share their 2 cents. :wink:
BTW this is in New Jersey.
TIA :kissing:
Also, I am in no rush to close on this. Is there a time period when it no longer matters if this agent brought me to this property? (say 6 months later I contact the seller directly?)
**I'm not looking to screw this agent, but I don't want to get screwed neither.** :nonod:
hwell:
BTW I know of a house going on the market in Staten Island if you are interested, since NY is still open. :wink:
